Please read the important information below before continuing to our website

Please read the
important information below before continuing to our website.

By clicking on
your client type to enter the website, you are confirming that you have read
and understood the important information that is contained below, and you
accept the terms of the Privacy and Cookies policy.

THIS WEBSITE IS AIMED AT PROFESSIONAL CLIENTS IN NORWAY

This
website is published by Lyxor International Asset Management (LIAM), a French
asset management company approved by the AMF (17 place de la Bourse 75082 Paris
Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/31/EU) directives.

The website is hosted by on Microsoft Azure servers.

This website is subject to French and Norwegian law.

A professional client is a client that is either a per se professional client or an elective
professional client (Note article 4 (1) 12 of Mifid )

Marketing Restrictions and Implications

Lyxor UCITS compliant Exchange Traded Funds (Lyxor UCITS ETFs) referred
to on this website are open ended mutual investment funds (i) established under
the French law and approved by the Autorité des Marchés Financiers (the
French Financial Markets Authority), or (ii) established under the Luxembourg
law and approved by the Commission de Surveillance du Secteur Financier
(the Luxembourg Financial Supervisory Committee). Most, , of the protections
provided by theDanish regulatory system generally and for funds authorised
in Denmark do not apply to these exchange traded funds (ETFs).

This website is exclusively intended for persons who are not "US
persons", as such term is defined in Regulation S or the US Securities Act
1933, as amended, and who are not physically present in the US. This website
does not constitute an offer or an invitation to purchase any securities in the
United States or in any other jurisdiction in which such offer or
invitation is not authorised or to any person to whom it is unlawful to make
such offer or solicitation. Potential users of this website are requested to
inform themselves about and to observe any such restrictions.

However, most Lyxor UCITS ETFs follow synthetic replication process.
This consists of entering into a derivative transaction (a ‘Performance Swap’,
as defined below) with a counterparty that provides complete and effective
exposure to its benchmark index. Lyxor has adopted this methodology in order to
minimise tracking error, optimise transaction costs and reduce operational
risks.

A Performance Swap is a contractual agreement which is negotiated
over-the-counter (OTC) between two parties: the Lyxor UCITS ETF and its
counterparty. From a risk perspective, each Performance Swap ranks equally with
other senior unsecured obligations of the counterparty, such as common bonds
(i.e., same rights to payments). In the Performance Swap, the counterparty of
the Lyxor UCITS ETF commits to pay the Lyxor UCITS ETF a variable return based
on a pre-determined benchmark index, instead of a fixed stream of income (as in
bonds). At the same time, the counterparty will receive from the Lyxor UCITS
ETF the performance and any related revenues generated by the basket's assets
(excluding the value of the Performance Swap) held by the Lyxor UCITS ETF.
Information provided on individual ETFs includes data on the basket relating to
the ETF and the percentage value of the basket represented by each asset. The
information is relevant to the closing values on the date given.

Investment Risks

The Lyxor UCITS ETFs described on this website are not suitable for
everyone. Investors' capital is at risk. Investors should not deal in this
product unless they understand, having obtained independent professional advice
where necessary, its nature, terms and conditions, and the extent of their
exposure to risk. The value of the product can go down as well as up and can be
subject to volatility due to factors such as price changes in the underlying
instrument and interest rates. If a fund is quoted in a different currency to
the index, currency risks exist.

Prior to any investment in any Lyxor UCITS ETF, you should make your own
appraisal of the risks from a financial, legal and tax perspective, without
relying exclusively on the information provided by us. We recommend that you
consult your own independent professional advisors (including legal, tax,
financial or accounting advisors, as appropriate).

Specific Risks

·Capital at Risk. ETFs are tracking instruments: Their
risk profile is similar to a direct investment in the Benchmark Index.
Investors’ capital is fully at risk and investors may not get back the amount
originally invested. Investments are not covered by the provisions of the
Financial Services Compensation Scheme (“FSCS”), or any similar scheme.

·Counterparty Risk. Investors may be exposed to risks
resulting from the use of an OTC Swap with Societe Generale. Physical ETFs may
have Counterparty Risk resulting from the use of a Securities Lending
Programme.

·Currency Risk. ETFs may be exposed to currency risk
if the ETF or Benchmark Index holdings are denominated in a currency different
to that of the Benchmark Index they are tracking. This means that exchange rate
fluctuations could have a negative or positive effect on returns.

·Replication Risk. ETFs are designed to replicate the
performance of the Benchmark Index. Unexpected events relating to the
constituents of the Benchmark Index may impact the Index provider’s ability to
calculate the Benchmark Index, which may affect the ETF’s ability to replicate
the Benchmark Index efficiently. This may create Tracking Error in the ETF.

·Underlying Risk. The Benchmark Index of a Lyxor ETF
may be complex and volatile. When investing in commodities, the Benchmark Index
is calculated with reference to commodity futures contracts which can expose
investors to risks related to the cost of carry and transportation. ETFs
exposed to Emerging Markets carry a greater risk of potential loss than
investment in Developed Markets as they are exposed to a wide range of
unpredictable Emerging Market risks.

·Liquidity Risk. On-exchange liquidity may be limited
as a result of a suspension in the underlying market represented by the
Benchmark Index tracked by the ETF; a failure in the systems of one of the
relevant stock exchanges, Societe Generale or other Market Maker systems; or an
abnormal trading situation or event.

The securities can be neither offered in nor transferred to the United
States.

Tax

Any statement in relation to tax, where made, is
generic and non-exhaustive and is based on our understanding of the laws and
practice in force as of the date of this document and is subject to any changes
in law and practice and the interpretation and application thereof, which
changes could be made with retroactive effect. Any such statement must not be
construed as tax advice and must not be relied upon. The tax treatment of
investments will, inter alia, depend on an individual’s circumstances. Investors
must consult with an appropriate professional tax adviser to ascertain for
themselves the taxation consequences of acquiring, holding and/or disposing of
any investments mentioned on this website.

Further information on the risk factors are available in the [Risk Warning – link to risk
page] section of the website.

Any fund prospectus and supplements are available at www.lyxoretf.dk. Information given
about the past performance of the funds is no guarantee of future
performance. No investment decision should be taken without reading the
fund prospectus and any fund supplement of the fund concerned.

Although the content of the website is based upon information that LIAM
consider reliable or comes from sources that LIAM consider reliable, LIAM have
not verified such information. Lyxor make no representation or warranty as to
the accuracy, completeness or adequacy of any information. Any
reproduction, disclosure or dissemination of the materials available on the
website is prohibited.

Cookies

This website uses cookies to make the website work
or improve your user experience. Cookies are small text files that are saved on
your computer or device, which are used for several purposes such as detecting
preferences and improving site navigation. By continuing to use this website
you consent for cookies to be used. For more details, including how to amend
your preferences, please read our [Cookies Policy] link to privacy & cookie page.

By clicking on your client
type to enter the website, you shall be deemed to have
represented to us that you are not a U.S. person and that you are not located
in the United States of America, its territories and possessions, and any State
of the United States of America and that you are authorised to receive the
information to and on this website.

August, 2015

I CONFIRM THAT I HAVE READ AND
UNDERSTOOD THE IMPORTANT INFORMATION THAT IS CONTAINED ABOVE AND ACCEPT THE
TERMS OF THE PRIVACY AND COOKIES POLICY.

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